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Borrow investment funds from RRSP

HERE IS ‘‘a new game in town’’ and it is
getting excited reactions from investors who
understand it and its broad possibilities. -

As in the case of many in-
vestments, it is not for
everyone. But it will be at-
tractive tO many investors,
and indeed, it can provide
higher earnings (profits) for
some and substantial tax sav-
ings for others.

It involves RRSP funds
and mortgages and, one
suspects, the concept is so un-
sual that the average investor
has difficulty in understan-
ding how it works to his ad-
vantage, and consequently
not too many peole have
utilized it to date.

In the simplest terms possi-
ble, you can now hold a mor-
tgage on your residence, and
some rental and other pro-
perties, in a_ self-directed
RRSP; or your self-directed
RRSP can lend you money
for investment and the securi-
ty will be a mortage on your
home.

$$$

The idea is new. It was on-

ly in January of this year that

CLEARING the way for
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the Department of National
Revenue confirmed that these
investment procedures had its
approval.

To participate you will re-
quire a SELF-DIRECTED
RRSP, and certain condi-
tions must be met with regard
to the mortage but they are
not unusually strict. A self-
directed RRSP is easily
established.

What is the advantage of
holding your own mortgage
in this fashion?

Well, mortgages generally
pay a higher rate of interest
than other fixed income in-
vestments, such as_ invest-
ment certificates and Canada
Savings Bonds; and, literally,
you are paying interest to
yourself!

You also have the satisfac-
tion and peace of mind of
knowing that you have a high
quality security in your
RRSP — the mortgage is on
your own home, YOU
bought it, and surely you

by
Bill Ryan

censider it to be of sound
value.

ly. As when you take out a
mortgage at any time, there is
a fee for the lawyer, a fee for
appraisal of the house and
MICC (Mortgage Insurance
Co. of Canada) insurance,
for example. In addition, the
companies which offer such
investments also will charge
you their fees: probably $100
to set up the investment; $150
or $175 PER YEAR for a
mortgage administration fee;
and the usual self-directed
RRSP administration fee
ranging from $125 to $200
per year.

This brings us to ‘‘the bot-
tom line’’, as they say, as to
whether holding your own
mortgage in this way will be
of benefit or greater advan-
tage. First, consider what in-
terest rate you are receiving
at present on your RRSP
funds. Then consider what
present mortgage rates are
and what you could pay
yourself in interest — and

$$ § don’t forget to calculate the

However, there are a _ costs mentioned above (legal,

number of costs involved and appraisal, administration
you must weigh these careful- _ fees, etc.)

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St Ae man eR ERE

BS - Sunday, May 27, 1984 - North Shore News

NOTARY PUBLIC

- Real Estate Conveyancing
- Mortgages, Agreements
- Wiils

- Appraisals
NOTARY PUBLIC, F.R.1., R.I. (B.C) a

#905-Kap 100 Bidg., S. Park Royal
W.Van. V7T 1A2 826-9944 or 926-1941

TELE-

COMMUNICATIONS
TECHNICIANS
SL-1 SYSTEM

Date! Communications Ltd., a rapidly growing
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THE POSITION

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THE CANDIDATE

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These openings offer an excellent compensation

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#8-3331 viking Way
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V6V 1X7

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