Moving RSPs out of Tangerine
I want to jump on Coast Capital credit union's 4% guaranteed 33-month term deposit. This promo ends March 20th 2018. Spouse has two RSP GICs in Tangerine that are maturing on March 31 ($7k) and June 14 ($36k).
Two questions:
1) Please correct me if I'm wrong, but it looks like there is no more early redemption of GICs at Tangerine. If that's true, where can we borrow $43k to deposit at Coast Capital now, and pay back in a few months when we cash out Tangerine?
2) What are the tax implications of cashing out RSPs from Tangerine and opening TFSA at Coast Capital? I'm guessing this will be a huge tax bill. If we get RSP at Coast Capital, then no tax bill...right?
Sorry if these are dumb questions, I'm new to this.
Two questions:
1) Please correct me if I'm wrong, but it looks like there is no more early redemption of GICs at Tangerine. If that's true, where can we borrow $43k to deposit at Coast Capital now, and pay back in a few months when we cash out Tangerine?
2) What are the tax implications of cashing out RSPs from Tangerine and opening TFSA at Coast Capital? I'm guessing this will be a huge tax bill. If we get RSP at Coast Capital, then no tax bill...right?
Sorry if these are dumb questions, I'm new to this.