Non Arms length Mortgage

Discussion in 'Finance, Investing & Careers' started by Hiltzy, Jan 11, 2018.

  1. Hiltzy

    Hiltzy
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    Anybody here have any experience with Non Arms Length Mortgages? Looking to do a self directed RRSP Mortgage so I can use RRSP as a downpayment for a house (I am not a first time home buyer). I can't find any lenders in the East at all that deal with it. Seems like only Canadian Western Union or TD Waterhouse.
     
  2. Duggan

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    TD doesn't do them anymore unless they changed recently. You can use Olympia or Community Trust as well. I have some experience and will help where I can. I also have access to some contacts who might be willing to do a swap depending on how long you need it for.
     
  3. Hiltzy

    Hiltzy
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    Hey Duggan....thanks buddy...ill PM you :)
     
  4. billybob

    The Schooner, the better.

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    Post some info when you get the low down. I have been researching about trying to hold property in an RRSP and I have came up empty.
     
  5. Duggan

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    CWB will allow, but I think you have to have the full purchase price based on what I was told last night for an Non-arms length. An RRSP Swap at arms length might be an option for you Rob.
     
  6. clicker666

    Older lifter

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    First time isn't quite, well, first time. I'm not sure of your actual specifics but you might want to double check the eligibility criteria if you haven't already.
     
  7. Hiltzy

    Hiltzy
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    Im not a first time home buyer. I currently own a house :). My wife lives here....so she is not considered a first time home buyer either. We would have to be living apart more than 5 years or have been in a house we don't own for more than 5 years to be considered a first time home buyer again.

    Non Arms Length and Arms length lending is a great way to make use of your RRSP....but it has to be one that is not employer initiated / Contributed to I believe. Say I have an RRSP through work that I contribute to and my employer contributes a percentage to it. That RRSP cannot be transferred to a self directed RRSP as far as I know.
     
  8. billybob

    The Schooner, the better.

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    It sure can. My employer contributions to my RRSP get transferred every year into my self directed registered trading account.
     
  9. Hiltzy

    Hiltzy
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    im in a bi-weekly contribution....does it only work with one time contributions?
     
  10. Lex Lucas

    feels good.

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    No, as long as it's a regular RRSP you can transfer to self directed.
    If your employer has a locked-in RRSP (similar to a pension) then that might be a different story.
     
  11. Boots

    www.reality-check.ca

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    Mine's the opposite. I can do whatever I want with my contributions but as long as I work for this company, my employer match must stay in the account.
     
  12. billybob

    The Schooner, the better.

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    thats silly. how does it grow in value?
     
  13. Boots

    www.reality-check.ca

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    The account itself is an RRSP but just a boring fund :o
     
  14. billybob

    The Schooner, the better.

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    So as long as your company is matching your contributions, the employer contributions have to stay invested in a fund they decide on? Someone is getting a good kickback for that :lol:
     
  15. Boots

    www.reality-check.ca

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    I get to pick the fund, just has to stay with Sun Life. I pull all my contributions right out and pick up stocks :o
     

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