My question is: Canadian-specific QUESTION: My father is 70 yrs old and has recently been diagnosed with Alzheimer's. He has had to move out of his home because of the disease and is residing with me. Our current house is not suited for this situation and we are looking to buy a house that will suite us. Dad has approximately $ 400,000 in RSP that has been converted to a RIFF. Is there any way to access the funds in his RSP and put them toward an appropriate residence without paying tax or paying at a reduced rate. ========================================================= david ingram replies: Sorry, the answer is no. He is even too old to use $20,000 from the RRSP/RRIF as part of a down payment under the Home Buyer's plan. Good luck and good on you for having him live with you. be extra careful about how you use his money in this case though. If you have brothers and sisters, make sure that they are involved and SIGN (not just give verbal consent) a written consent to everything that you do involving Dad's money. Answers to this and other similar questions can be obtained free on Air every Sunday morning. Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY" Those outside of the Lower Mainland will be able to listen on the internet at www.600AM.com Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600. Old shows are archived at the site. David Ingram's US/Canada Services US/Canada/Mexico Tax Immigration & working Visa Specialists US / Canada Real Estate Specialists 4466 Prospect Road (Personal residence by appointment only please) North Vancouver, BC, CANADA, V7N 3L7 Calls accepted from 10 AM to 10 PM 7 days a week Res (604) 980-3578 Cell (604) 657-8451 Bus (604) 980-0321 Fax (604) 980- 0325 davidingram at shaw.ca www.david-ingram.com Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If y -------------- next part -------------- An HTML attachment was scrubbed... URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/20040825/ddbe6b84/attachment.htm
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