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Email this7:15 pm
January 24, 2025
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Does anyone know if it's possible to take out a second mortgage through RRSP, to invest, so that you are
1) paying the interest to your RRSP
2) if using the whole proceeds for investment, able to write off the interest at tax time against the income you gain from the investment.
if for example you used it to invest in equity in non registered account, then deduct it from your gains? or carry forward until you do sell.
10:52 pm
April 6, 2013
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No, it is not possible.
A non-arm's length mortgage needs to be insured to be a qualified RRSP investment. See my previous post.
No mortgage insurer will insure a second mortgage.
8:04 pm
January 24, 2025
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Thanks for the quick reply!
According to Saven page they do,
https://www.sagen.ca/products-and-services/self-directed-rrsp/
but I’ll call to confirm and get idea of pricing.
Will post back here when I find out.
9:20 pm
April 6, 2013
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Sagen won't either unless the second mortgage is not really a second mortgage.
A second mortgage isn't really a second mortgage to a lender when it is the same lender for both mortgages. Same to a mortgage insurer if it is the same insurer for both mortgages.
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