When you buy a Mutual Fund, does it have to be registered...?

like in an RRSP or RESP?

Can you just buy the fund straight up and take it out whenever you want to? Or is it "locked-in" til you're 65?

Thank you.

A mutual fund purchase can be "straight up", where you can make withdrawals at any time. However, many funds charge a fee for withdrawals before a certain length of time (read their prospectus for more details).

Mutual funds can also be placed into a registered plan. You can also make withdrawals (subject to potential penalties discussed above); however, you will also pay a withholding tax on the withdrawal as well.

The only "locked in" plans (in Canada) are RIF's and LIF's, which are meant to provide steady retirement income.

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