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

Question:
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.

Answer:
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.