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Anonymous

10 May 2020

∙

General Investing

What will happen to my existing shares bought with SRS after 62?

Am I forced to sell it? How about dividends after 62?

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Hariz Arthur Maloy

10 May 2020

Independent Financial Advisor at Promiseland Independent

All money in the SRS account has to be withdrawn 10 years after your first withdrawal. If there's still a balance after 10 years, the account will be closed, you'll have to liquidate and withdraw and then 50% of the amount will be added to your taxable income.

Within the 10 years, you can do anything you want. Dividends/income paid from your holdings get added to the SRS account and if you withdraw them, the same 50% tax rule applies. If you don't take them out, they stay in the SRS account.

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If I purchased an SRS annuity plan, and the payout is set for 20 yrs for $1k per month starting at 65, what happens to the subsequent payout after 10yrs since SRS needs to be withdrawn within 10yrs from 62?

OCBC BCIP allows us to use SRS fund to invest with additional charges. Can we transfer the shares purchased to our own CDP that is bought with SRS funds? If yes, means we can avoid tax in future?

Looking at investing SRS using OCBC BCIP scheme, any reason why shares would only be bought on 22th business day of the month?

Does anyone know what happens if i forget to untick "contra" while selling on DBSV? I bought shares ytd and sold it off "contra" accidentally. Am i exposing myself to a short or open position?

What will happen when shares are bought using cash option instead of cash upfront option using vickers?

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