Anyone heard of I-Finance for accessing LIRAs and RRSPs

[PaulW]

Came across this link and was intrigued if anyone has heard of I-Finance and the ability to unlock RRSPs from previous employers pensions?

http://www.ifinance.ca/home/make-more-money/the-process/

Thanks,

Paul

 

[Albertritchot]

There is a seminar called

Advanced Money Attraction Secrets & RRSP secrets Feb 20-Feb22. I am sure that they have information allowing you to release these types of funds. (403) 215-7500. They are in Calgary here.

 

[PaulW]

QUOTE (Albertritchot @ Feb 9 2010, 01:27 AM) There is a seminar called

Advanced Money Attraction Secrets & RRSP secrets Feb 20-Feb22. I am sure that they have information allowing you to release these types of funds. (403) 215-7500. They are in Calgary here.
I am in To so that won`t work for me

 

[seanverret]

I know of investors who have used iFinance to access RRSP capital for Real Estate investments... I believe you pay 5-6% on the "loaned" money they give you, while they pay you 4% on that same money... Thus you`re paying about 1-2% to access your RRSP money...

 

[Cargren]

QUOTE (seanverret @ Feb 9 2010, 11:37 AM) I know of investors who have used iFinance to access RRSP capital for Real Estate investments... I believe you pay 5-6% on the "loaned" money they give you, while they pay you 4% on that same money... Thus you`re paying about 1-2% to access your RRSP money...

Sean is correct, but the rate on the loan is closer to 9%. Still a way to access your RRSP funds for investing.

 

[MonteDobson]

Hi Paul,

We have used this program a couple of times with good success. Sean is right, you are bascially loaning yourself your own RRSP money, at a set interest rate etc, in return for the cash value of your RRSP. Very good program in my opinion for extracting RRSP capital tax free for buying properties, but must be used prudently.

Your other option is RRSP mortgages or other real estate based investments such as LP`s, REITs etc.
QUOTE (PaulW @ Feb 8 2010, 07:12 PM) Came across this link on Tony Peters website and was intrigued if anyone has heard of I-Finance and the ability to unlock RRSPs from previous employers pensions?

http://www.ifinance.ca/home/make-more-money/the-process/

Thanks,

Paul

 

[PaulW]

QUOTE (MonteDobson @ Feb 9 2010, 02:11 PM) Hi Paul,

We have used this program a couple of times with good success. Sean is right, you are bascially loaning yourself your own RRSP money, at a set interest rate etc, in return for the cash value of your RRSP. Very good program in my opinion for extracting RRSP capital tax free for buying properties, but must be used prudently.

Your other option is RRSP mortgages or other real estate based investments such as LP`s, REITs etc.

So to clarify...does this work for "locked-in" RRSP amounts (those that you typically cannot access until 65) AND does the "loan" count as part of your TDS for a bank. i.e. can I use this for my downpayment and still borrow 90% from a bank? 2. Do you have a time period to pay it back?

 

[MonteDobson]

Hi Paul,

Yes I believe this program works for LIRA`s as well. I don`t know about the loan portion on your TDS...I would assume that it does not show up on your credit bureau and therfore would not count towards your TDS, but that is a great question for the folks at I-finance. I would just call them and get them to fully explain the program to you. Make sure you are fully comfortable BEFORE you consider signing on.

QUOTE (PaulW @ Feb 9 2010, 01:53 PM) So to clarify...does this work for "locked-in" RRSP amounts (those that you typically cannot access until 65) AND does the "loan" count as part of your TDS for a bank. i.e. can I use this for my downpayment and still borrow 90% from a bank? 2. Do you have a time period to pay it back?

 

[GaryMcGowan]

If your from Ontario you have to be an Accredited Investor to use this program.

Here are some of the guidelines for Ontario;

>individuals who beneficially own, either alone or with a spouse, cash, securities, insurance contracts and deposits which have an aggregate realizable value which exceeds $1 million (before taxes but net of related liabilities);

>individuals whose net income before taxes exceeds $200,000 in each of the last two years (or $300,000 with a spouse), and who have a reasonable expectation of exceeding that income level in the current year;