Making your real estate investment RRSP, TFSA or LIRA eligible
An RRSP (incl. the locked-in version, a LIRA) or a TFSA account should be viewed as a basket of investments. In the basket you can place various eligible investments or financial instruments. Some of these RRSP or TFSA eligible investments can include: stocks, bonds, GICs, mortgages, call-options, cash or mutual funds ….but neither Limited Partnerships nor real estate directly. Thus, Prestigious Properties, in conjunction with industry experts, accounting firms and several legal firms has created an RRSP / TFSA eligible investment vehicle that allows your RRSP or TFSA to participate in the performance of our apartment building Limited Partnership.
For most Canadians, investing in multi-family real estate can be done inside their RRSP or TFSA, however there are some restrictions by province. Either way, inside or outside an RRSP or TFSA, investing in the right real estate can pay excellent long-term dividends.
In order to participate in Prestigious Properties Investments using your RRSP, LIRA or TFSA, there is a simple process.
HERE ARE THE STEPS YOU TAKE TO PARTICIPATE:
- Fill out forms to open an RRSP (or LIRA or TFSA) Account with Olympia Trust.
- Transfer money into this new account, via a new contribution or from an existing RRSP account at another firm.
- Fill out a form instructing Olympia Trust to use the account to buy RRSP/TFSA-eligible bonds from Prestigious Properties Kings Castle RRSP V Inc. These bonds may be accruing interest or paying it quarterly, for example for income seekers or folks with a RIF – your choice.
- Send the forms (and possibly accompanying cheque made out to your new RRSP account at OlympiaTrust) to your Exempt Market Representative.