Redeeming Non Redeemable GIC

[Slava]

Originally Posted by Weynerowski

Could you please also PM me the answer. I just lost my job, and I study at Concordia. I can't afford to pay my bills without those GICs, and as a chef it's super hard to find work in the winter, even part-time. I just need them to get through the next few months, or I might have to give up my home and sell all my furniture, and go sleep at a YMCA for a couple months... I am really desperate and really need to know what to do at the bank to redeem my Non-Redeemable GICs early...

Originally Posted by Slava

PM Sent.

Originally Posted by squiggs96

You're right. Why have a discussion board to discuss things, when we can all send each other PMs. The board should be only used to post that you've sent a PM. I just found it weird that there was a general question asked, and only one person could see the response.

Like most topics on this site, wouldn't it be best to post the reply for all to see? It's not like he's asking for your phone number or address.

For the record, I don't have any GICs, but I like reading.

I was just trying to be helpful.

[Northendzone]

Originally Posted by Barbecue

here's the non PM, open answers because im sure the Financial advisors out there will tell you to retain them so they'd retain their margins and talk you into getting a loan/dipping into line of credit instead

BBQ - by chance did you ever take financial advice from Jack Johnson's parents?

Just asking?

[Barbecue]

Originally Posted by Slava

I really don't get you and your bent against financial advisors. Frankly, I tell my clients to take money out and even (gasp) to retire at times. Does that decrease the amount of money they have with me? Of course it does...but its the right thing to do and in the best interest of the client. In all honesty this whole idea that you're running of "advisors won't tell you" is just plain ridiculous and offensive.

Good, that's the right kind of advice. However, it's not a far stretch from the ridiculous "invest money while you're borrowing money" idea from the other thread

and why the need for a PM or announcing a PM has been sent? I know it didnt start with you as cowperson started it, but info on redeeming a GIC isnt a complicated thing to explain. PMs has all the markings of a salesmen "here's my ph# and book an appointment with me" kind of message

[Barbecue]

Originally Posted by Northendzone

BBQ - by chance did you ever take financial advice from Jack Johnson's parents?

Just asking?

shhhhh, people who knows the industry are talking

[undercoverbrother]

Originally Posted by Cowperson

I am pm'ing you with the answer.

Cowperson

Originally Posted by Slava

PM Sent.

Which PM was more helpful?

[Slava]

Originally Posted by Barbecue

Good, that's the right kind of advice. However, it's not a far stretch from the ridiculous "invest money while you're borrowing money" idea from the other thread

and why the need for a PM or announcing a PM has been sent? I know it didnt start with you as cowperson started it, but info on redeeming a GIC isnt a complicated thing to explain. PMs has all the markings of a salesmen "here's my ph# and book an appointment with me" kind of message

I don't know, the guy asked for a PM, so I sent him one. I didn't want to imply that redeeming a GIC was anything difficult or secretive. I didn't go back and look, but didn't he say he goes to school in Ontario or something and needs to get the cash to live? I don't know what kind of predator you have me pained as in your mind, but I can assure you that I have zero interest in trying to bilk a guy out of his savings that he needs to make ends meet.

As far as the implication that I am somehow trying to sell him (or anyone else) some kind of shoddy service, I don't even know what to say. I've been on the board here for years and given tons of free advice based on my expertise and knowledge. I have people that send me PMs asking for help and advice and I have no problem in trying to help them out. Sure, some of them become clients and friends of mine, but some I never meet and I'm totally fine with that.

As far as what you consider the "right kind of advice" what kind of credentials do you have? We were commenting on a hypothetical scenario and had basically no real facts to come to a hard and fast decision, yet you seem so positive that your answer is right and everyone else is wrong. I'm curious to know how you arrive at that.

[Tron_fdc]

Interesting. I have a bunch of locked in RRSP's that I was told I can't cash (Manulife). I haven't added anything to them in 10 years, but they're just sitting there.

If for some reason I wanted to go on a hookers n blow vegas bender, all I have to do is tell them I'm under financial hardship to cash them, and pay tax as if they are income?

[Slava]

Originally Posted by Tron_fdc

Interesting. I have a bunch of locked in RRSP's that I was told I can't cash (Manulife). I haven't added anything to them in 10 years, but they're just sitting there.

If for some reason I wanted to go on a hookers n blow vegas bender, all I have to do is tell them I'm under financial hardship to cash them, and pay tax as if they are income?

A locked-in RRSP is a bit different. It depends on the pension jurisdiction and amounts. You might not be able to access any of the funds there until age 50-55 depending on that. There are provisions for small amounts however and if you are beneath that limit you can unlock them and access them. Otherwise its tough to get access except in cases of financial hardship, which must be proven.

[evman150]

Blast from the past here!

[combustiblefuel]

We did the same thing along time ago then #### went south.

RBC allowed us to with draw what was need at the time ( we didn't take the full amount out) BUT all the interest we had earned on the amount was forfeited

[MillerTime GFG]

Slava let's be honest. Financial advisors are almost as bad as mortgage brokers.

[theJuice]

I just realized that Weynerowski necroed a 6 year old thread to make his first post regarding GICs.

[combustiblefuel]

Originally Posted by theJuice

I just realized that Weynerowski necroed a 6 year old thread to make his first post regarding GICs.

I feel even worst that it took me until your post to figure this out