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Updated almost 3 years ago,
Self Directed RRSP for Investment Properties
Good Evening Canadians!
I guess i should start off saying that looking into some options for growing money, i found out that you can carry your own mortgage in your RRSP/TFSA and it doesnt have to be an arms length mortgage like previously stated. Now the catch is, it has to be a self-directed RRSP. i have two, 1 with Questrade and 1 with Wealthsimple Trade. Both of them have been great to me, allowed me to sign up online using digital signatures. My preference has been Wealthsimple Trade though as it is no commission trades, and no PDT rules, although there is less features than Questrade.
So for my fellow Canadians out there, it may be worth considering moving your RRSP/TFSA accounts to them or a similar option to take advantage of the Self directed loop holes.
So now that i have got that out of the way, i am hoping that someone with previous experience or maybe an accountant/lawyer can clarify a couple things:
1. Can i use one of them as a second mortgage and have it cover my down payment and use a conventional lender for the first mortgage?
(RRSP i think only allow a maximum of $25,000?), and;
2. Can i have more than one mortgage in my RRSP/TFSA accounts?
(I was hoping to use one TFSA for the downpayment on a owner-occupied multi unit and my RRSP for my 20% down on an investment property)
thanks for the help and hope that it brought a new idea to the table for some other investors like it did with me.
Happy lockdown everyone!
-Chris