RRSPs can house a mortgage
You’ve made your 2011 RRSP contribution a full two weeks ahead of the Feb. 29 deadline. Congratulations! But what did you invest in? GICs? Stocks? Bonds? While most Canadians sock their funds away in those traditional asset classes, there are other potential uses for your RRSP money, and one of them could include your mortgage.
With two weeks left to make RRSP contributions, many Canadians are grappling with the tough decision of where to invest their contributions. Many take the traditional route and invest in GICs, stocks or bonds. However, the Financial Post shows that the funds from your RRSPs can be invested in your mortgage.
It is important when considering an investment of this nature to know that it comes with a set of strict regulations. One should also bear in mind the costs involved, such as mortgage administration fees and insurance premiums.
Investment options aren't always easy to choose, however, this article gives relevant information on an option that could prove to be a lucrative one.