[sagsal]

Have a thought and would love some opinions

what if I borrowed enough from some flush parents to payoff our mortgage (it is quite large) and came to an agreement to pay them off over say 30 years with a fixed rate of say in between 4.5 and 5%, is the interest they receive on their loan to us taxable by CRA?

They complain about small yields in safe investments - we are as stable as you get interms of jobs - and I know what my rate is for decades not half decades...

Thoughts??

 

[sagsal]

I can guarantee I am not living beyond my means and no idea is a dumb idea - just looking for thoughts

Lets stick to what we know!

 

[sagsal]

I am curious OHGreatGuru - are you one of the hoards of financial advisors who provide useless general advice to the masses?

 

[sagsal]

Thanks for the well thought out opinion

Pretty much what I had thought but always good to get other opinions