Canadian tax regulations allow self-directed Registered Retirement Savings Plans (RRSP)/ Registered Retirement Income Funds (RRIF) to be used for a non-arms length mortgage investment, provided that the mortgage is insured. We are delighted to offer this program to meet this opportunity.
Note: To ensure eligibility for this program, please refer to the corresponding lender updates below addressing recent changes to the mortgage insurance guidelines:
Loans > 80% LTV - Subject: High-Ratio Mortgage Insurance Changes
Loans ≤ 80% LTV - Subject: Low-Ratio Mortgage Insurance Changes
Premium Rate:
The premium payable will be the lesser of the premium as a % of the total new loan amount or the premium as a % of the top-up portion on the additional loan amount (if existing insured) based on the rates below:
LTV Ratio |
Premium Rate |
Top-Up Premium |
Up to 65% |
0.60% |
0.60% |
65.01% - 75% |
1.70% |
5.90% |
75.01% - 80% |
2.40% |
6.05% |
80.01% - 85% |
2.80% |
6.20% |
85.01% - 90% |
3.10% |
6.25% |
90.01% - 95% |
4.00% |
6.30% |
Note: The insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage
Eligible Products*:
- Second Mortgage Program
- Borrowed Down Payment Program
- Business for Self (Alt-A) Program
- Homebuyer 95 Program
- Family Plan Program
- Progress Advance Program
- Purchase Plus Improvement Program
- Vacation/Secondary Homes Program (Type A Properties)
- Investment Property Program
* For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview