ROC

[top4u20]

With regards to return of contributions....here is the story. I have option to take ROC cash which will be $17,000 less tax. Accumulated from a bit over 6yrs of service. I will very likely be getting back in in 6mos or a bit more depending on CFRC. Anyone know how much a month it would cost to buy back this? Would it be for your contract time? Or your whole time in military again?..Im guessing it to be around $300/month? I have no choice but to take the ROC as need to use it to live till re-enlist..yes it sucks. Thanks

 

[Jager]

Normaly the mbr specifies the amount per month to buy back the entire amount. And they take that amount till its paid off. Though I am awaire that it needs to be bought back before you 'retire'. Though I might be wrong, its been 8 months since the last Pention Buy Back application that I delt with.

I'll get the actuall form (again) and let you know what it says.

 

[PO2FinClk]

You can pay it back in whatever time you determine (lifetime or over a number of years based on the amount you are willing to pay), but must realize that the more time you pay it back in the the more interest you pay atop of it.

Best bet is transfer it to an RRSP and when you rejoin give it all back as if not you will need up pay MUCH more then you bargained for.

You should pose these questions to your Release Clerk as they have the best information available to you. I for one would not base any such decision on information obtained any where else, much less an anonymous internet forum.

 

[top4u20]

Thanks PO2FinClrk, I understand fully. My only option is to pull it out due to civi employment crashing in on me. Hopefully I can get back in as quick as possible. I would have loved to transfer to RSP etc. Thanks for the replies.