3rd Party RRSP loans by Vancouver resident -

Ask and you shall receive.
When we were actively involved in Real Estate investment sales, we had a
large portfolio of second mortgages which were in RRSP accounts.  The deal
was that you could get a second mortgage out of the pool up to the amount of
money you had in it.
We had over 300 mortgages in this pool.
Bill Spohn, a West Vancouver lawyer has brought up another situation where
two individuals seem to be loaning money to each other.  His email address
is below if you wish to follow up.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, July 10, 2003 10:39 AM
To: [email protected]
Subject: Re:  FW: 3rd Party RRSP loans by Vancouver resident
In a message dated 7/10/2003 12:00:53 PM Eastern Standard Time,
[email protected] writes:
> Your RRSP can contain a mortgage on your personal house
> provided it does not exceed CMHC guidelines.

You can transfer your SDRSP to one of the Trust companies, and they will
administer the mortgage for a fee. The loan need not be on your home - I
have clients that regularly loan money from one or the other of their RSPs
to buy a revenue property in the name of the other, or of their company
(they use CIBC Trust).
It is a sophisticated sort of product that not all bankers understand (it is
done out of Ontario) and it drives me crazy every time I have to relearn it
all (my clients only do it every few years).
Bill Spohn
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