Hello,
It's my first post here... I lookied for my answer on the site, and I could not find it.
I have a triplex, fully rented. And i live in a house
The triplex's 5 years term is ending shortly, i need to renegociate
I would like to refinance that triplex, to get an extra 50000$ (should not be a problem, that would make a total of 30% of the value)
The mortage on the house is much higher, with higher interest rate as well.
I was about to take the 50000$ and make it as a payment on the house (I can put up to 50000$/year on the house)
But I was told that is not well seen by the tax guy. In fact, not tolerated.
What about if my wife still has unused RRSP contribution of 50000$? Could I use the 50000$ from the refinancing, place it in my wife RRSP, get a return of 22000$, and put that money on the house? Is that ok?
Thanks (and sorry for the english, not my first language...)
Rik
It's my first post here... I lookied for my answer on the site, and I could not find it.
I have a triplex, fully rented. And i live in a house
The triplex's 5 years term is ending shortly, i need to renegociate
I would like to refinance that triplex, to get an extra 50000$ (should not be a problem, that would make a total of 30% of the value)
The mortage on the house is much higher, with higher interest rate as well.
I was about to take the 50000$ and make it as a payment on the house (I can put up to 50000$/year on the house)
But I was told that is not well seen by the tax guy. In fact, not tolerated.
What about if my wife still has unused RRSP contribution of 50000$? Could I use the 50000$ from the refinancing, place it in my wife RRSP, get a return of 22000$, and put that money on the house? Is that ok?
Thanks (and sorry for the english, not my first language...)
Rik
