Quote:
Originally Posted by urban1
You are giving incorrect information.
An RSP loan will have the proceeds contributed to the RSP. The brokerage will also not let you purchase high risk securities with the loan. The loan is secure in an indirect sense in that the assets you purchase are sitting in an account at the broker. You would not be able to transfer out the account without settling the loan.
You are mixing stuff up in what you say Tell me where I can purchase an RSP? If I buy an RSP, what do I buy? 
(One last thing... with a brokerage, they wont run a credit check on you for an RSP loan. They lend you the money, force you to contribute it and then purchase a security. They make money on the loan and on the trades you make with the proceeds of the loan. An RSP loan is different from an investment loan at a bank.) |
No I'm not. RSP loans don't even have to be used to purchase RSPs. I was doing that for 5 years. I know what i'm talking about. Maybe the other banks are different, but where I worked, they could do whatever they wanted with it